Araştırma Makalesi
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Türkiye’de Halka Açık Firma Yatırımcılarının Yaşadığı Vekalet Maliyetleri

Yıl 2020, Cilt: 5 Sayı: 2, 336 - 357, 31.08.2020
https://doi.org/10.30784/epfad.718990

Öz

Borsalar, bireysel yatırımcıların tasarruflarının değerlendirilmesi ve şirketler için öz kaynak finansman seçenekleri sağlanması açısından önemli bir rol oynamaktadır. Çoğu durumda, bireysel yatırımcılar, yatırım yaptıkları şirketlerin yönetim kurullarında temsil edilme şansına sahip olamazlar. Bu durum, küçük yatırımcıların kurumsal yönetim literatüründe iyi tanımlanmış vekalet maliyetlerini yaşamalarına neden olmaktadır. Bu çalışma, Türkiye borsasında halka açık firma sahiplerinin yaşadığı vekalet maliyetlerini tespit etmeyi amaçlamaktadır. Borsa İstanbul'da halka açık tüm şirketler, 2008 yılında yaşanan küresel mali krizden sonraki 2010-2018 dönemini kapsayan araştırmaya dahil edilmiştir. Çalışma bulguları, şirketlerin finansal performansı ile halka açıklık oranı arasında ters bir ilişki olduğunu göstermektedir. Halka açıklık oranı daha yüksek olan şirketlerin karlılıkları daha düşüktür. Öte yandan, ana hissedarlar, pay fiyatları ve şirketin dönemsel karlılığının nispeten yüksek olduğu zamanlarda paylarının belli bir bölümünü satarak halka açıklık oranını artırma eğilimindedir. Piyasa ise bu durumu olumsuz bir sinyal olarak algılamakta ve halka açıklık değişimi ile pay fiyat performansı arasında negatif bir ilişki bulunmaktadır.

Teşekkür

Hocam ilginiz ve titiz çalışmalarınız için çok teşekkür ederim.

Kaynakça

  • Acaravcı, S., Kandır, S. ve Zelka, A. (2015). Kurumsal yönetimin BIST şirketlerinin performanslarına etkisinin araştırılması. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(1), 171-183. Retrieved from https://dergipark.org.tr/ohuiibf
  • Allen, F. (2005). Corporate governance in emerging economies. Oxford Review of Economic Policy, 21(2), 164-177. Retrieved from https://www.jstor.org/
  • Al-Matari, E. M., Al-Swidi, A. K. and Fadzil, F. H. (2013). Ownership structure characteristics and firm performance: A conceptual study. Journal of Sociological Research, 4(2), 464-493. doi:10.5296/jsr.v4i2.4835
  • Ararat, M., Süel, E. and Yurtoğlu, B. B. (2014). Sustainable investment in Turkey: The case in context - An update (Sabancı University Corporate Governance Forum of Turkey). Retrieved from http://dx.doi.org/10.2139/ssrn.2447937
  • Avcı, E. (2018). Ortaklık yapısı ve şirket performansı: Borsa İstanbul'da bir uygulama. Journal of Research in Business, 3(1), 31-52. doi:10.23892/JRB.2018.21
  • Aytekin, S. and İbiş, A. (2014). Mülkiyet yapısının işletmelerin finansal performansı üzerindeki etkilerinin değerlendirilmesi: BİST metal eşya, makina endeksi (Xmesy) üzerinde bir uygulama. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 40, 119-130. Retrieved from https://dergipark.org.tr/dpusbe
  • Bayrakdaroğlu, A. (2010). Mülkiyet yapısı ve finansal performans: İMKB örneği. Ekonomi Bilimleri Dergisi, 2(2), 11-20. Retrieved from https://dergipark.org.tr/ebd
  • Beck, N. and Katz, J. N. (1995). What to do (and not to do) with times-series–cross-section data in comparative politics. American Political Science Review, 89(3), 634-647. Retrieved from https://www.jstor.org/
  • Benninga, S., Helmantel, M. and Sarig, O. (2005). The timing of initial public offerings. Journal of Financial Economics, 75(1), 115-132. doi:10.1016/j.jfineco.2003.04.002
  • Brav, A., Jiang, W. and Kim, H. (2015). The real effects of hedge fund activism: Productivity, asset allocation, and labor outcomes. The Review of Financial Studies, 28(10), 2723-2769. Retrieved from https://www.jstor.org/
  • Buchanan, J., Chai, D. H. and Deakin, S. (2018). Unexpected corporate outcomes from hedge fund activism in Japan. Socio-Economic Review, 18(1), 31-52. doi:10.1093/ser/mwy007
  • Chen, C. X., Lu, H. and Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282. doi:10.1111/j.1911-3846.2011.01094.x
  • Çam, A. V. (2016). Halka açıklık oranının firmalarin kârlılığına etkisi: Tekstil sektöründe bir araştırma. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 519-531. http://dx.doi.org/10.17130/ijmeb.2016icafr22459
  • Çıtak, L. (2007). The impact of ownership structure on company performance: A panel data analysis on Istanbul stock exchange listed (ISE-100) companies. International Research Journal of Finance and Economics, 9, 231-245. Retrieved from https://www.internationalresearch journaloffinanceandeconomics.com/
  • Çiftçi, İ., Tatoğlu, E., Wood, G., Demribağ, M. and Zaim, S. (2019). Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review, 28, 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004
  • Demsetz, H. and Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209-233. https://doi.org/10.1016/S0929-1199(01)00020-7
  • Doğan, M. and Topal, Y. (2015). Yönetim kurulu büyüklüğü ile finansal performans arasındaki ilişkiye yönelik literatür taraması. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 2(1), 87-111. https://doi.org/10.17541/oeybd.17415
  • Doğan, M. and Topal, Y. (2016). Yönetim kurulundaki yabancı üye sayısının ve yabancı sahipliğinin finansal performans üzerindeki etkisi. Ege Akademik Bakış (Ege Academic Review). 16(1). 31-48. Retrieved from https://dergipark.org.tr/tr/pub/eab
  • Driscoll, J. C. and Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80, 549–560. Retrieved from https://www.jstor.org/
  • European Bank for Reconstruction and Development. (2017). Corporate governance in transition economies Turkey country report. Retrieved from https://www.ebrd.com/
  • Efendi, J., Srivastava, A. and Swanson, E. P. (2007). Why do corporate managers misstate financial statements? The role of option compensation and other factors. Journal of Financial Economics, 85(3), 667-708. https://doi.org/10.1016/j.jfineco.2006.05.009
  • Ege, I. and Topaloğlu, T. N. (2017). Sahiplik yapısının sermaye yapısı kararlarına etkisi: Borsa İstanbul’da bir uygulama. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 5(2), 471-492. doi:10.18506/anemon.285974
  • Enriques, L. and Volpin, P. (2007). Corporate governance reforms in continental Europe. Journal of Economic Perspectives, 21(1), 117-140. Retrieved from https://pubs.aeaweb.org/
  • Gürarda, S., Özsöz, E. and Ateş, A. (2016). Corporate governance rating and ownership structure in the case of Turkey. International Journal of Financial Studies, 4(2), 1-16. Retrieved from https://www.mdpi.com/
  • Hansmann, H. B. and Kraakman, R. H. (2001). The end of history for corporate law. Georgetown Law Journal, 89, 439-468. Retrieved from https://digitalcommons.law.yale.edu/
  • Huber, P. J. (1967). The behavior of maximum likelihood estimates under nonstandard conditions. Papers presented at the Fifth Berkeley Symposium on Mathematical Statistics and Probability. Retrieved from https://www.semanticscholar.org/
  • Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/ 0304-405X(76)90026-X
  • Kamuyu Aydınlatma Platformu. (2019). Yatırım Fonları. Retrieved from https://www.kap.org.tr/
  • Kmenta, J. (1986). Elements of Econometrics (2nd ed.). Macmillan, New York, NY.
  • La Porta, R., Lopez-de-Salines, F., Shleifer, A. and Vishny, R. (1997). Legal determinants of external finance. Journal of Finance, 52(3), 1131-1150. Retrieved from https://onlinelibrary.wiley.com/
  • La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A. and Vishny R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. Retrieved from https://www.nber.org/
  • Levin, A., Lin, C. F. and Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Li, Y. (2012). Ownership structure and corporate performance (Unpublished Master of Science dissertation). John Molson School of Business, Montreal, Canada
  • Merkezi Kayit Kuruluşu (CSD of Turkey) (2020). BIST Trends Report. Retrieved from https://www.mkk.com.tr/
  • Murphy, K. J. and Jensen, M. C. (1990). Performance pay and top management incentives. The Journal of Political Economy, 98(2), 225-264. Retrieved from https://www.jstor.org/
  • Newey, W. K. and West, K. D. (1994). Automatic lag selection in covariance matrix estimation. Review of Economic Studies, 61, 631- 654. Retrieved from https://www.nber.org/
  • Ngwu, F., Osuji, O. and Stephen, F. (2016). Corporate Governance in Developing and Emerging Markets. New York: Taylor & Francis.
  • Önder, Z. (2003). Ownership concentration and firm performance; Evidence from Turkish firms. METU Studies in Development, 30, 181-203. Retrieved from http://www2.feas.metu.edu.tr/
  • Önem, H. and Demir, Y. (2015). Mülkiyet yapısının firma performansına etkisi: BIST imalat sektörü üzerine bir uygulama. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 6(13), 31-43. Retrieved from https://dergipark.org.tr/vizyoner
  • Özer, G. and Özen, A. K. (2018). The effects of ownership structure on financial performance of enterprises in the light of accounting based performance indicators: A research on the firms traded on the BIST industrial index. Journal of Economics, Finance and Accounting (JEFA), 5(2),184-203. https://doi.org/10.17261/Pressacademia.2018.824
  • Özsoy, Z. (2011). Kurumsal yönetim ve yönetim kurulları. Ankara: İmge Kitabevi.
  • Parks, R. (1967). Efficient estimation of a system of regression equations when disturbances are both serially and contemporaneously correlated. Journal of the American Statistical Association, 62(318), 500-509. Retrieved from https://www.jstor.org/
  • Rose, N. L. and Shepard, A. (1997). Firm diversification and CEO compensation: Managerial ability or executive entrenchment?. The RAND Journal of Economics, 28(3): 489–514. Retrieved from https://www.nber.org/
  • Savin, N. E. and White, K. J. (1977). The Durbin-Watson test for serial correlation with extreme sample sizes or many regressors. Econometrica: Journal of the Econometric Society, 45(8), 1989-1996. Retrieved from https://www.jstor.org/
  • Sayman, Y. (2012). Sahiplik yapısının firma performansı ve sermaye yapısı üzerine etkileri: İMKB’de işlem gören üretim firmalarında bir uygulama (Yayınlanmamış doktora tezi). Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • Srivastava, A. (2011). Ownership structure and corporate performance: Evidence from India. International Journal of Humanities and Social Science, 1(1), 23-29. Retrieved from https://www.ijhssnet.com/
  • Türkiye Sermaye Piyasaları Birliği. (2018). Turkish Capital Markets. Retrieved from: https://www.tspb.org.tr/
  • Türkiye Sermaye Piyasaları Birliği. (2019). Turkiye Sermaye Piyasası 2018. Retrieved from: https://www.tspb.org.tr/
  • Warfield, T. D., Wild, J. J. and Wild, K.L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20, 61–91. https://doi.org/10.1016/0165-4101(94)00393-J
  • Weimer, J. and Pape, J. (1999). A taxonomy of systems of corporate governance. Corporate governance: An International Review, 7(2), 152-166. Retrieved from https://onlinelibrary.wiley.com/
  • Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press.

Agency Costs of Publicly Traded Firms Owners in Turkey

Yıl 2020, Cilt: 5 Sayı: 2, 336 - 357, 31.08.2020
https://doi.org/10.30784/epfad.718990

Öz

Stock markets play a significant role in terms of collecting the savings of individual investors and providing equity financing options for the companies. In most cases, individual investors cannot have a chance to represent themselves on the boards of the companies which they invest in. This situation causes investors to suffer from agency costs which are well defined in the corporate governance literature. This paper aims to define the agency costs of publicly traded equities owners in the Turkish stock market. All publicly traded companies in Borsa İstanbul included in the research, which covers the period between 2010 and 2018 which is after the global financial crisis in 2008. Findings of the study show that there is an adverse relationship between financial performance of the companies and the free float ratio. The companies with the higher free float ratios have the lowest profitability. On the other hand, the main shareholders tend to sell their stocks when the stock pricing and the company's periodic profitability is relatively high. The market perceived this as a negative signal and a negative relationship was observed between the free float change and the stock price performance.

Kaynakça

  • Acaravcı, S., Kandır, S. ve Zelka, A. (2015). Kurumsal yönetimin BIST şirketlerinin performanslarına etkisinin araştırılması. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(1), 171-183. Retrieved from https://dergipark.org.tr/ohuiibf
  • Allen, F. (2005). Corporate governance in emerging economies. Oxford Review of Economic Policy, 21(2), 164-177. Retrieved from https://www.jstor.org/
  • Al-Matari, E. M., Al-Swidi, A. K. and Fadzil, F. H. (2013). Ownership structure characteristics and firm performance: A conceptual study. Journal of Sociological Research, 4(2), 464-493. doi:10.5296/jsr.v4i2.4835
  • Ararat, M., Süel, E. and Yurtoğlu, B. B. (2014). Sustainable investment in Turkey: The case in context - An update (Sabancı University Corporate Governance Forum of Turkey). Retrieved from http://dx.doi.org/10.2139/ssrn.2447937
  • Avcı, E. (2018). Ortaklık yapısı ve şirket performansı: Borsa İstanbul'da bir uygulama. Journal of Research in Business, 3(1), 31-52. doi:10.23892/JRB.2018.21
  • Aytekin, S. and İbiş, A. (2014). Mülkiyet yapısının işletmelerin finansal performansı üzerindeki etkilerinin değerlendirilmesi: BİST metal eşya, makina endeksi (Xmesy) üzerinde bir uygulama. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 40, 119-130. Retrieved from https://dergipark.org.tr/dpusbe
  • Bayrakdaroğlu, A. (2010). Mülkiyet yapısı ve finansal performans: İMKB örneği. Ekonomi Bilimleri Dergisi, 2(2), 11-20. Retrieved from https://dergipark.org.tr/ebd
  • Beck, N. and Katz, J. N. (1995). What to do (and not to do) with times-series–cross-section data in comparative politics. American Political Science Review, 89(3), 634-647. Retrieved from https://www.jstor.org/
  • Benninga, S., Helmantel, M. and Sarig, O. (2005). The timing of initial public offerings. Journal of Financial Economics, 75(1), 115-132. doi:10.1016/j.jfineco.2003.04.002
  • Brav, A., Jiang, W. and Kim, H. (2015). The real effects of hedge fund activism: Productivity, asset allocation, and labor outcomes. The Review of Financial Studies, 28(10), 2723-2769. Retrieved from https://www.jstor.org/
  • Buchanan, J., Chai, D. H. and Deakin, S. (2018). Unexpected corporate outcomes from hedge fund activism in Japan. Socio-Economic Review, 18(1), 31-52. doi:10.1093/ser/mwy007
  • Chen, C. X., Lu, H. and Sougiannis, T. (2012). The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research, 29(1), 252-282. doi:10.1111/j.1911-3846.2011.01094.x
  • Çam, A. V. (2016). Halka açıklık oranının firmalarin kârlılığına etkisi: Tekstil sektöründe bir araştırma. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 519-531. http://dx.doi.org/10.17130/ijmeb.2016icafr22459
  • Çıtak, L. (2007). The impact of ownership structure on company performance: A panel data analysis on Istanbul stock exchange listed (ISE-100) companies. International Research Journal of Finance and Economics, 9, 231-245. Retrieved from https://www.internationalresearch journaloffinanceandeconomics.com/
  • Çiftçi, İ., Tatoğlu, E., Wood, G., Demribağ, M. and Zaim, S. (2019). Corporate governance and firm performance in emerging markets: Evidence from Turkey. International Business Review, 28, 90–103. https://doi.org/10.1016/j.ibusrev.2018.08.004
  • Demsetz, H. and Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209-233. https://doi.org/10.1016/S0929-1199(01)00020-7
  • Doğan, M. and Topal, Y. (2015). Yönetim kurulu büyüklüğü ile finansal performans arasındaki ilişkiye yönelik literatür taraması. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 2(1), 87-111. https://doi.org/10.17541/oeybd.17415
  • Doğan, M. and Topal, Y. (2016). Yönetim kurulundaki yabancı üye sayısının ve yabancı sahipliğinin finansal performans üzerindeki etkisi. Ege Akademik Bakış (Ege Academic Review). 16(1). 31-48. Retrieved from https://dergipark.org.tr/tr/pub/eab
  • Driscoll, J. C. and Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80, 549–560. Retrieved from https://www.jstor.org/
  • European Bank for Reconstruction and Development. (2017). Corporate governance in transition economies Turkey country report. Retrieved from https://www.ebrd.com/
  • Efendi, J., Srivastava, A. and Swanson, E. P. (2007). Why do corporate managers misstate financial statements? The role of option compensation and other factors. Journal of Financial Economics, 85(3), 667-708. https://doi.org/10.1016/j.jfineco.2006.05.009
  • Ege, I. and Topaloğlu, T. N. (2017). Sahiplik yapısının sermaye yapısı kararlarına etkisi: Borsa İstanbul’da bir uygulama. Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi, 5(2), 471-492. doi:10.18506/anemon.285974
  • Enriques, L. and Volpin, P. (2007). Corporate governance reforms in continental Europe. Journal of Economic Perspectives, 21(1), 117-140. Retrieved from https://pubs.aeaweb.org/
  • Gürarda, S., Özsöz, E. and Ateş, A. (2016). Corporate governance rating and ownership structure in the case of Turkey. International Journal of Financial Studies, 4(2), 1-16. Retrieved from https://www.mdpi.com/
  • Hansmann, H. B. and Kraakman, R. H. (2001). The end of history for corporate law. Georgetown Law Journal, 89, 439-468. Retrieved from https://digitalcommons.law.yale.edu/
  • Huber, P. J. (1967). The behavior of maximum likelihood estimates under nonstandard conditions. Papers presented at the Fifth Berkeley Symposium on Mathematical Statistics and Probability. Retrieved from https://www.semanticscholar.org/
  • Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/ 0304-405X(76)90026-X
  • Kamuyu Aydınlatma Platformu. (2019). Yatırım Fonları. Retrieved from https://www.kap.org.tr/
  • Kmenta, J. (1986). Elements of Econometrics (2nd ed.). Macmillan, New York, NY.
  • La Porta, R., Lopez-de-Salines, F., Shleifer, A. and Vishny, R. (1997). Legal determinants of external finance. Journal of Finance, 52(3), 1131-1150. Retrieved from https://onlinelibrary.wiley.com/
  • La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A. and Vishny R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. Retrieved from https://www.nber.org/
  • Levin, A., Lin, C. F. and Chu, C. S. J. (2002). Unit root tests in panel data: asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Li, Y. (2012). Ownership structure and corporate performance (Unpublished Master of Science dissertation). John Molson School of Business, Montreal, Canada
  • Merkezi Kayit Kuruluşu (CSD of Turkey) (2020). BIST Trends Report. Retrieved from https://www.mkk.com.tr/
  • Murphy, K. J. and Jensen, M. C. (1990). Performance pay and top management incentives. The Journal of Political Economy, 98(2), 225-264. Retrieved from https://www.jstor.org/
  • Newey, W. K. and West, K. D. (1994). Automatic lag selection in covariance matrix estimation. Review of Economic Studies, 61, 631- 654. Retrieved from https://www.nber.org/
  • Ngwu, F., Osuji, O. and Stephen, F. (2016). Corporate Governance in Developing and Emerging Markets. New York: Taylor & Francis.
  • Önder, Z. (2003). Ownership concentration and firm performance; Evidence from Turkish firms. METU Studies in Development, 30, 181-203. Retrieved from http://www2.feas.metu.edu.tr/
  • Önem, H. and Demir, Y. (2015). Mülkiyet yapısının firma performansına etkisi: BIST imalat sektörü üzerine bir uygulama. Süleyman Demirel Üniversitesi Vizyoner Dergisi, 6(13), 31-43. Retrieved from https://dergipark.org.tr/vizyoner
  • Özer, G. and Özen, A. K. (2018). The effects of ownership structure on financial performance of enterprises in the light of accounting based performance indicators: A research on the firms traded on the BIST industrial index. Journal of Economics, Finance and Accounting (JEFA), 5(2),184-203. https://doi.org/10.17261/Pressacademia.2018.824
  • Özsoy, Z. (2011). Kurumsal yönetim ve yönetim kurulları. Ankara: İmge Kitabevi.
  • Parks, R. (1967). Efficient estimation of a system of regression equations when disturbances are both serially and contemporaneously correlated. Journal of the American Statistical Association, 62(318), 500-509. Retrieved from https://www.jstor.org/
  • Rose, N. L. and Shepard, A. (1997). Firm diversification and CEO compensation: Managerial ability or executive entrenchment?. The RAND Journal of Economics, 28(3): 489–514. Retrieved from https://www.nber.org/
  • Savin, N. E. and White, K. J. (1977). The Durbin-Watson test for serial correlation with extreme sample sizes or many regressors. Econometrica: Journal of the Econometric Society, 45(8), 1989-1996. Retrieved from https://www.jstor.org/
  • Sayman, Y. (2012). Sahiplik yapısının firma performansı ve sermaye yapısı üzerine etkileri: İMKB’de işlem gören üretim firmalarında bir uygulama (Yayınlanmamış doktora tezi). Ankara Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.
  • Srivastava, A. (2011). Ownership structure and corporate performance: Evidence from India. International Journal of Humanities and Social Science, 1(1), 23-29. Retrieved from https://www.ijhssnet.com/
  • Türkiye Sermaye Piyasaları Birliği. (2018). Turkish Capital Markets. Retrieved from: https://www.tspb.org.tr/
  • Türkiye Sermaye Piyasaları Birliği. (2019). Turkiye Sermaye Piyasası 2018. Retrieved from: https://www.tspb.org.tr/
  • Warfield, T. D., Wild, J. J. and Wild, K.L. (1995). Managerial ownership, accounting choices, and informativeness of earnings. Journal of Accounting and Economics 20, 61–91. https://doi.org/10.1016/0165-4101(94)00393-J
  • Weimer, J. and Pape, J. (1999). A taxonomy of systems of corporate governance. Corporate governance: An International Review, 7(2), 152-166. Retrieved from https://onlinelibrary.wiley.com/
  • Wooldridge, J. M. (2002). Econometric Analysis of Cross Section and Panel Data. Cambridge: MIT Press.
Toplam 51 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Serkan Unal 0000-0002-7060-979X

Türkmen Derdiyok Bu kişi benim 0000-0002-4221-9073

Yayımlanma Tarihi 31 Ağustos 2020
Kabul Tarihi 17 Ağustos 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 5 Sayı: 2

Kaynak Göster

APA Unal, S., & Derdiyok, T. (2020). Agency Costs of Publicly Traded Firms Owners in Turkey. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 5(2), 336-357. https://doi.org/10.30784/epfad.718990